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economictimes.indiatimes.com / 1 year ago
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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Hero Motocorp shares in focus on Rs 525 crore investment in Euler Motors to enter electric 3-wheeler segment
Hero Motocorp shares are set to remain in focus on Friday, March 21, after the company announced that it has made a strategic investment of up to Rs 525 crores (in one or more tranches), in Euler Motors. This move aims to provide Hero MotoCorp with a strong foothold in the fast-growing electric three-wheeler market.
“Moving swiftly towards its vision, “Be the Future of Mobility”, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, will make a strategic investment into the electric three-wheeler category by acquiring a significant stake in Euler Motors. The Company's board has approved a strategic investment of up to Rs. 525 crore (in one or more tranches), in Euler Motors Private Limited,” the company informed the stock exchanges.
Euler Motors operates in 30 cities across India and specializes in the design, manufacturing, sales, and servicing of electric three-wheelers. The company recently expanded its portfolio with the launch of its first electric commercial four-wheeler.
The primary investment by Hero Motocorp will be in the form of equity shares and Series D Compulsory Convertible Preference Shares, resulting in an approximate 32.5% stake on a fully diluted basis. As part of the same investment amount, Hero Motocorp may also purchase shares from existing Euler shareholders through a secondary sale.
Euler's turnover has shown significant growth over the past three financial years, rising from Rs 25 crore as of March 31, 2022, to Rs 49 crore by March 31, 2023, and further surging to
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
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markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
markets
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